2. The HPL. Inc. sold 10,000 units for $240,000 during the year 2013. The total purchases were 12,000 units @ S8 each and the total operating expenses were $25,000 during this period. A periodic counting method is used. Required: 1. Prepare a comparative income statement using FIFO, LIFO, and average costing method to show the effect of each on net operating income of HPL. Inc. 2. Show the balances of the following items on December 31, 2013 under FIFO, LIFO and average costing method: (i). Inventory (ii). Retained earnings (iii). Cash